环保“费改税”会影响企业债务融资成本吗?——基于《环境保护税法》的准自然实验  

Does the Environmental Protection Fee-to-Tax Policy Affect Corporate Debt Financing Costs?-A Quasi-natural Experiment Based on the Implementation of the Environmental Protection Tax Law

作　　者：黄珍 陈思鳗[1,2] 王宇慧 HUANG Zhen;CHEN Siman;WANG Yuhui(School of Management,Northwestern Polytechnical University,Xi’an 710072,China;Institute of High-Quality Corporate Development,Northwestern Polytechnical University,Xi’an 710072,China)

机构地区：[1]西北工业大学管理学院,陕西西安710072 [2]西北工业大学新时代企业高质量发展研究中心,陕西西安710072

出　　处：《中国环境管理》2025年第2期100-111,共12页Chinese Journal of Environmental Management

基　　金：国家社会科学基金重大项目“企业低碳价值创造的理论与实践研究”(21&ZD137)。

摘　　要：本文基于2018年1月1日开始实施的《环境保护税法》的准自然实验,探究环保“费改税”政策对税负提升地区企业债务融资成本的影响及作用机理。研究发现,环保“费改税”政策增加了税负提升地区企业的债务融资成本,且这种促进作用主要通过风险暴露机制和成本约束机制两条路径实现。进一步研究发现,环保“费改税”政策对企业债务融资成本的正向作用在重污染企业和环境信息披露质量低的企业中更加显著。因此,政府部门和金融机构需协调环保税制度与企业债务融资成本之间的关系,保证环保“费改税”政策对企业发展的正向促进作用。Based on the quasi-natural experiment of China’s Environmental Protection Tax Law implemented on January 1,2018,this paper examines the impact and mechanism of the Environmental Protection Fee-to-Tax Reform on the debt financing costs of enterprises with increased tax burdens.The results show that the Environmental Protection Fee-to-Tax Reform overall increases the tax burden and debt financing cost of regional enterprises through two channels:the risk exposure mechanism and the cost constraint mechanism.Further heterogeneity tests indicate that the policy has a more pronounced effect on the debt financing cost of heavy polluting enterprises and those with low environmental information disclosure quality.This suggests that government departments and financial institutions need to coordinate the relationship between the environmental tax system and corporate debt financing cost,ensuring that the Environmental Protection Fee-to-Tax policy positively promotes enterprise development while achieving environmental protection goals.

关 键 词：环保“费改税” 债务融资成本 双重差分法 重污染企业 环境信息披露质量 

分 类 号：X32[环境科学与工程—环境工程] D912.6[政治法律—环境与资源保护法学] F113.3[政治法律—法学]